The value of undiscovered pharmaceuticals in tropical forests

@article{Mendelsohn2008TheVO,
  title={The value of undiscovered pharmaceuticals in tropical forests},
  author={Robert O Mendelsohn and Michael J. Balick},
  journal={Economic Botany},
  year={2008},
  volume={49},
  pages={223-228}
}
Previous estimates of the potential value of higher plants in tropical forests for Pharmaceuticals are too high because analysts mistakenly used gross revenues to value drugs instead of net revenues. Correcting this error, we estimate each new drug is worth an average $94 million to a private drug company and $449 million to society as a whole. Given recent experience searching for new drugs, we estimate that the higher plants in the world’s tropical forests contain about 375 potential… 
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